Shark Tank India: Anupam Mittal Calls Out Maharashtra Trio’s Questionable Financial Claims
Anupam Mittal, a shark on Shark Tank India, criticized a trio of founders from Maharashtra for their inflated financial claims and questionable accounting practices.
Shark TankAnupam MittalMaharashtraFinancial ClaimsAccounting PracticesReal Estate MaharashtraJan 23, 2025
The company aims to help small shopkeepers track sales and reduce skimming in their businesses.
The panel of sharks, including Anupam Mittal, Namita Thapar, Ritesh Agarwal, Kunal Bahl, and Aman Gupta, listened to the founders with keen interest.
However, the pitch quickly turned rocky, revealing several red flags in their financial claims and business practices.
The founders explained that their revenue model involved selling billing machines to shopkeepers and earning through subscription fees.
When the sharks questioned if they had tested the renewal rates, the founders admitted they hadn’t been in business long enough to provide concrete data.
Despite this, they confidently projected a revenue of ₹30 crore, which raised eyebrows among the investors.
Namita Thapar took the time to explain the difference between cash and accrual accounting, stressing that the latter provides a more accurate picture of a business’s performance.
She emphasized, “Accrual accounting is always the preferred method as it paints a clearer picture of the financial health of a business.”
Anupam Mittal, visibly unimpressed, remarked, “Puri daal hi kaali hai boss.” He dismissed the founders’ claims that their accounting practices were unintentional, stating, “You’re professionals; don’t pretend like you didn’t know what you were doing.” Namita Thapar agreed, calling it an issue of integrity rather than just an accounting mistake.
Ritesh Agarwal and Namita Thapar decided to withdraw from the deal, citing a lack of confidence in the business’s integrity and advising the founders to revisit their accounting practices.
Aman Gupta, while appreciating their business acumen, noted, “You want to succeed in a subscription model in a country where even Amazon and Netflix are struggling.
It’s important to build a solid foundation and avoid shady practices.”
The episode highlighted the importance of transparency and ethical business practices in gaining the trust of investors.
It also served as a reminder to aspiring entrepreneurs that inflated claims and poor accounting can quickly derail even the most promising business ideas.
Frequently Asked Questions
What is Shark Tank India?
Shark Tank India is a popular reality TV show where entrepreneurs pitch their business ideas to a panel of investors (sharks) in exchange for funding and mentorship.
Who are the founders of Ezo?
The founders of Ezo are a trio from Maharashtra who presented their business idea on Shark Tank India to help small shopkeepers track sales and reduce skimming.
What was the revenue projection by the Ezo founders?
The Ezo founders projected a revenue of ₹30 crore, which raised questions among the sharks about the feasibility of their claims.
What is the difference between cash and accrual accounting?
Cash accounting records transactions when cash is received or paid, while accrual accounting records transactions when they occur, providing a more accurate picture of a business's financial performance.
Why did Ritesh Agarwal and Namita Thapar withdraw from the deal?
Ritesh Agarwal and Namita Thapar withdrew from the deal due to a lack of confidence in the business's integrity and the founders' questionable accounting practices.
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